Revenue is dominated by volatile non-interest income, which constituted 100% of total revenue in 2026Q2, while the core net interest income stream has been erratic, swinging from $49.6M in 2025Q4 to negative $22.8M in 2025Q3.
Gemini Space Station, Inc. (GEMI) annual income statement — 3-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 |
|---|
| Net Interest Income | 69.42M | 109.24M | 0 | 0 |
| NII Growth % | 0% | - | - | - |
| Net Interest Margin % | 4.62% | 6.06% | 0% | 0% |
| Interest Income | 110.61M | 179.57M | 0 | 0 |
| Interest Expense | 41.2M | 70.33M | 0 | 0 |
| Loan Loss Provision | 91.68M | -8.89M | 130.49M | 140.76M |
| Non-Interest Income | 85.2M | -33.41M | 142.16M | 98.14M |
| Non-Interest Income % | 55.1% | -44.05% | 100% | 100% |
| Total Net Revenue | 154.62M | 75.83M | 142.16M | 98.14M |
| Revenue Growth % | 13.31% | -46.66% | 44.86% | - |
| Non-Interest Expense | 477.16M | 608.88M | 177.5M | 268.98M |
| Efficiency Ratio | 308.61% | 802.92% | 124.86% | 274.08% |
| Operating Income | -447.14M | -524.16M | -165.82M | -311.6M |
| Operating Margin % | -289.19% | -691.2% | -116.64% | -317.51% |
| Operating Income Growth % | - | -216.09% | 46.78% | - |
| Pretax Income | -518.05M | -588.8M | -150.92M | -323.75M |
| Pretax Margin % | -335.05% | -776.44% | -106.16% | -329.89% |
| Income Tax | -1.32M | -5.99M | 7.63M | -4.07M |
| Effective Tax Rate % | 0.25% | 1.02% | -5.05% | 1.26% |
| Net Income | -517.04M | -582.81M | -158.55M | -319.68M |
| Net Margin % | -334.4% | -768.55% | -111.52% | -325.74% |
| Net Income Growth % | -29.37% | -267.6% | 50.4% | - |
| Net Income (Continuing) | -516.73M | -582.81M | -158.55M | -319.68M |
| EPS (Diluted) | -4.26 | -4.97 | -0.99 | -2.03 |
| EPS Growth % | -68.15% | -402.02% | 51.23% | - |
| EPS (Basic) | - | -4.97 | -0.99 | -2.03 |
| Diluted Shares Outstanding | 121.27M | 117.17M | 160.81M | 157.77M |
Quick answers to the most common questions about buying GEMI stock.
For fiscal year 2025, Gemini Space Station, Inc. (GEMI) reported total revenue of $75.8M. This represents a 22.7% decline compared to $98.1M in 2023.
Gemini Space Station, Inc. (GEMI) reported a net loss of $582.8M for the fiscal year ending 2025.
Gemini Space Station, Inc. (GEMI) reported an operating income of $-524.2M, resulting in an operating profit margin of -691.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Gemini Space Station, Inc. (GEMI) generated $84.7M in gross profit for the year, representing a gross profit margin of 111.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent negative earnings and high costs
Metrics are mathematically derived from official filings.
NII Emergence Amidst Operational Volatility
Gemini's net interest income has been highly erratic, swinging from $49.6M in 2025Q4 to a negative $22.8M in 2025Q3, before reappearing at $42.7M in 2026Q1, suggesting an unstable core lending or deposit franchise.
The company's NII history is characterized by periods of zero or negative contribution, which is atypical for a traditional bank and may indicate a business model heavily reliant on non-core activities or significant mark-to-market volatility in its securities portfolio. The negative NII in 2025Q3, coinciding with a large provision expense, points to potential stress in the asset-liability management framework. Investors should monitor whether the recent positive NII trend is sustainable or merely a temporary fluctuation.
NIM Unstable and Efficiency Severely Challenged
The net interest margin has been inconsistent, recorded at 2.8% in recent quarters but negative in 2025Q3, while the efficiency ratio has been catastrophically high, exceeding 100% for multiple periods, indicating operating costs dwarfing revenue.
A negative NIM, as seen in 2025Q3, is a severe red flag suggesting the bank was paying more to service its liabilities than it was earning on its assets. The efficiency ratio, which spiked to 161.7% in early 2025, demonstrates a fundamental inability to generate sufficient revenue to cover basic operating expenses. While the ratio improved to 2.7% in 2026Q2, this appears to be driven by a collapse in total revenue rather than operational improvement, warranting deep investigation into the cost structure.
Provision Volatility Signals Credit Uncertainty
Loan loss provisions have been erratic, peaking at $80.0M in 2025Q3 before dropping to $7.4M in 2026Q1, a pattern that suggests either a volatile credit cycle or inconsistent provisioning methodology.
The provision expense in 2025Q3 was exceptionally large relative to the total revenue of that quarter, implying a significant deterioration in the perceived quality of the loan book or a one-time catch-up adjustment. The subsequent sharp reduction in provisioning does not necessarily indicate improved credit quality but may reflect a shrinking balance sheet or a pause in recognizing losses. The lack of a clear, stable provisioning trend makes it difficult to assess the underlying health of the credit portfolio.
Fee Income Dominance Masks Core Instability
Non-interest income has constituted 100% of total revenue in several quarters, including 2026Q2, indicating an extreme and potentially unsustainable dependency on fee-based or non-core revenue streams.
For a depository institution, a 100% fee income composition is highly unusual and suggests the core banking operations (NII) are either non-existent or immaterial. This revenue structure is inherently more volatile and less predictable than a traditional net interest income model. The negative non-interest income in 2026Q1 further highlights the instability of this revenue source, which could be tied to trading losses, fair value adjustments, or other non-recurring items.
2025Q3: A Quarter of Severe Operational Stress
The third quarter of 2025 represents a critical inflection point where the company reported negative net interest income, an $80.0M provision expense, and a net loss of $159.5M, marking a period of acute financial strain.
This quarter appears to be the nadir of the company's recent performance, combining negative earnings from core lending with massive credit costs. The simultaneous occurrence of these events suggests a potential crisis in asset quality or a major strategic repositioning. The subsequent quarters show a partial recovery in revenue and a reduction in losses, but the company remains deeply unprofitable, indicating the 2025Q3 event may have lasting implications for its capital and earnings trajectory.
Sustainability of Revenue Model in Question
The bank's revenue model appears fundamentally challenged, with total revenue declining from $60.3M in 2025Q4 to $39.4M in 2026Q1, while operating losses persist, raising serious questions about the path to profitability.
The most significant challenge to earnings quality is the apparent inability to generate consistent, positive revenue from core banking activities. The reliance on volatile non-interest income, coupled with a cost structure that has historically overwhelmed revenue, suggests the current business model may not be viable without significant restructuring. The declining revenue trend in early 2026, despite the emergence of NII, indicates that the top line is not growing, which severely limits the company's ability to achieve operating leverage and cover its substantial fixed costs.